Apple commits $2.5 billion to combat housing crisis in California


Apple today announced a comprehensive $2.5 billion plan to help address the housing availability and affordability crisis in California. As costs skyrocket for renters and potential homebuyers — and as the availability of affordable housing fails to keep pace with the region’s growth — community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home. Nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low.

First things first: Bravo. I’m guessing we’re going to see a wave of responses to this announcement, some of it snarky, some calling for the money to be spent in different ways. But no matter the takes, Apple didn’t have to do this. That’s a big chunk of change for anyone to spend for the public good.

The breakdown:

  • $1B, affordable housing investment fund
  • $1B, first-time homebuyer mortgage assistance fund
  • $300M, Apple-owned and available land for affordable housing
  • $150M, Bay Area housing fund
  • $50M, to support vulnerable populations

Well done, Apple.